Budget & Taxes

in committee · New York · Assembly Jan 7, 2026

A 3940: Requires enacted budget financial plan estimates to be provided to the legislature prior to a vote on certain budget bills

This bill (A 3940) requires the governor to provide the legislature with a detailed financial summary one day before voting on specific budget bills, including those for aid to localities, state operations, and capital projects. The summary must compare new fiscal year estimates for funds, tax receipts, and three-year budget surplus/gap projections against previous actuals and the executive budget plan. It also mandates quarterly updates during the fiscal year, detailing actual spending versus projections and explaining major deviations. These requirements aim to ensure the legislature has current, comprehensive financial data before making key budget decisions.

Topics ✓ Budget & TaxesSupports Budget & TaxesRequires detailed financial summaries and quarterly updates for budget transparency, promoting fiscal responsibility in legislative decision-making.90% confidence

Sub-Topics State Budget

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in committee · New York · Senate Jan 7, 2026

S 2654: Creates a tax credit for small businesses that sell a certain percentage of products produced in New York state

Creates a tax credit for small businesses that sell a certain percentage of products produced in New York state; provides such small businesses include independently or privately-owned cafes, restaurants, eateries, bars, pubs, breweries, distilleries, orchards, food trucks, retail stores, farm stands, hotels, or motels.

Topics ✓ Budget & TaxesSupports Budget & TaxesCreates tax credit for small businesses selling NY-made products, reducing their tax burden and supporting local economic activity within budget/tax framework.95% confidence

Sub-Topics Business Taxes Tax Credits Tax Incentives

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in committee · New York · Senate Jan 7, 2026

S 1622: Imposes a progressive income tax structure; repealer

This bill establishes a new progressive income tax structure for high earners in New York, replacing current tax brackets. It directly affects New York residents with significant taxable income, particularly those earning above $17,000 annually for single filers (with higher thresholds for married couples). The key mechanism uses tiered tax rates that increase as income rises - starting at 4% for lower incomes and reaching up to 24% for earnings over $20 million. The bill amends existing tax law to implement these rates, which apply to taxable years beginning in 2023 through 2027 and will be adjusted for 2028 onward.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill establishes progressive tax rates for high earners (up to 24%), increasing state revenue. Aligns with fiscal responsibility and closing tax loopholes for top earners.95% confidence

Sub-Topics Income Tax

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in committee · New York · Senate Jan 7, 2026

S 300: Relates to providing an income tax credit for retired disabled police officers

This bill creates a $750 annual income tax credit for retired police officers in the state who retired due to disability. It applies to resident taxpayers whose disability retirement occurred while serving as a police officer. The credit reduces taxable income starting in 2026, with any excess credit treated as a refundable overpayment (no interest paid). The provision directly benefits eligible retired disabled officers by lowering their state tax burden.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides $750 annual income tax credit for retired disabled police officers, directly reducing their tax burden as targeted tax relief.95% confidence

Sub-Topics Income Tax Tax Credits

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in committee · New York · Senate Jan 7, 2026

S 5380: Requires introducer's memorandum to include a statement of fiscal impact affecting political subdivisions

This bill (S 5380) requires that every bill submitted to the legislature include a specific statement in its introducer's memorandum detailing how the bill would affect local government budgets. It directly affects political subdivisions like counties, cities, towns, and school districts by mandating that bill sponsors explain the financial impact on these local entities. The key provision adds a new requirement to legislative law, forcing sponsors to explicitly state the fiscal consequences for local governments before a bill can be formally introduced. This change aims to provide transparency about budgetary effects early in the legislative process. The bill does not alter policy content but changes the documentation required for bill introductions.

Topics ✓ Budget & TaxesSupports Budget & TaxesRequires fiscal impact statements for local budgets, promoting transparency and fiscal responsibility in legislative spending.85% confidence

Sub-Topics Audits & Accountability State Budget

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in committee · New York · Senate Jan 7, 2026

S 3372: Relates to providing for taxpayer gifts for uterine fibroids education and establishes the uterine fibroids education fund

This bill allows taxpayers to voluntarily contribute any whole dollar amount to a new "uterine fibroids education fund" when filing state corporate or personal income taxes. The contributions, which do not reduce the taxpayer's required tax payment, will be collected through designated spaces on tax forms. All funds will be managed by the state's tax and finance departments and used exclusively for approved educational programs about uterine fibroids, including grants for healthcare providers and public outreach initiatives. The fund is established under the state finance law, with spending requiring approval from the health department and annual expenditure requirements.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill establishes voluntary tax contributions to fund uterine fibroids education, creating new state spending via tax system for public health programs.90% confidence ✓ HealthcareSupports HealthcareCreates dedicated fund for uterine fibroids education programs, increasing healthcare education funding and improving patient access to condition-specific information.95% confidence

Sub-Topics Government Spending

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in committee · New York · Senate Jan 7, 2026

S 298: Relates to providing a state income tax exemption for volunteer firefighters and volunteer ambulance workers

Provides a state income tax exemption for volunteer firefighters and volunteer ambulance workers who have qualifying service in the taxable year for which such exemption is sought.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax exemption for volunteer first responders, reducing taxable income - direct tax relief for lower-income service workers.95% confidence

Sub-Topics Income Tax Tax Incentives

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passed · New York · Senate Jun 9, 2025

S 6166: Relates to delinquent tax interest rates

This bill sets a maximum 16% annual interest rate and a minimum 2% annual interest rate on late payments for residential property taxes, replacing higher local rates. It applies to residential properties including condos and co-ops, but excludes vacant and abandoned properties listed on a statewide registry. The interest rate will be tied to the prime rate (as defined by the commissioner), with the initial rate based on 2026 data and updated every five years. This limits how much interest homeowners can be charged on overdue residential tax bills, ensuring rates stay within the 2%-16% range.

Topics ✓ Budget & TaxesSupports Budget & TaxesCaps delinquent tax interest rates for residential properties, limiting penalties and providing relief to homeowners.95% confidence ✓ HousingSupports HousingCapping delinquent tax interest rates protects homeowners from excessive financial burden, supporting housing stability and property rights as part of affordable housing policy.85% confidence

Sub-Topics Property Tax Property Taxes

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in committee · New York · Senate Jan 7, 2026

S 2653: Requires the state pay taxes on the assessed value of properties of closed state prisons

Requires the state pay taxes on the assessed value of properties of closed state prisons until such prison is reopened, used by another state agency, or is conveyed to a non-governmental entity.

Topics ✓ Budget & TaxesSupports Budget & TaxesCloses tax loophole by requiring state to pay property taxes on closed prison properties, promoting fiscal responsibility.95% confidence

Sub-Topics Debt & Bonds Property Tax Sales Tax

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in committee · New York · Senate Jan 7, 2026

S 1296: Establishes an annual spending growth cap

S 1296 establishes a cap on annual growth for state spending on day-to-day operations (excluding federal funds and capital projects). The cap equals the average of the prior three years' inflation rates (or 2%, whichever is lower). The governor must certify budget proposals don't exceed this cap, and the comptroller verifies compliance after the legislature acts. Exceptions allow exceeding the cap only during declared emergencies with a two-thirds legislative vote. This directly affects how the governor and legislature draft and approve the state budget each year.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill caps annual state spending growth to promote fiscal responsibility, directly aligning with budget management principles in the topic description.95% confidence

Sub-Topics Debt & Bonds Government Spending State Budget

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